A rise in the number of motorists seeking cheap modified car insurance may have increased in recent months as an increase has been witnessed in the number of drivers purchasing a used vehicle.
New figures released by the Financing and Leasing Association revealed that during November a four per cent climb was noted in the number of used cars bought when compared to the same month in 2008.
Meanwhile, growth has also been seen in the number of second-hand vehicles being acquired using dealer finance for the first time since March last year, meaning that motorists may have more disposal income to spend on modifications.
Geraldine Kilkelly, head of research and chief economist at the association, additionally spoke highly of the advancement in the number of new models being bought using finance.
She said: "Buying a new car is a sign of consumer confidence, as replacing an older car is usually a discretionary, rather than an essential purchase.
"We expect December's new car finance figures also to show strong growth as consumers scrambled to beat the VAT increase."
A number of factors will be taken into account to determine the cost of a person's car insurance, these include the age of the vehicle, the mileage it has covered and where it is mainly parked.
